Oil prices pared losses on Wednesday after data showed crude inventories did not rise as much as feared last week.Brent crude — the global benchmark — fell by 25 cents to $33.26 a barrel, rebounding from the day’s low of $32.37 a barrel, reports Anjli Raval in London.
US marker, West Texas Intermediate, fell 81 cents to $31.44 a barrel after hitting an earlier low of $30.56 a barrel.
The US Energy Department said stockpiles rose by 3.5m barrels to 507.61m last week. Although the level was a new record, it arrived broadly in line with expectations.
The American Petroleum Institute, an industry body, on Tuesday published numbers which showed a rise of 7.1m barrels last week, far exceeding expectations of a 3.4m rise and putting pressure on prices.
Prices slid earlier in the day after Saudi Arabia shunned the notion of production cuts and told a reeling energy sector to adjust to the new reality that could mean dealing with prices at $20 a barrel.